Financial Data and Key Metrics Changes - In Q3 2025, the company generated revenue of $743 million, a 9% increase compared to Q3 2024, and operating income rose 21% to $86.5 million [5] - Adjusted EBITDA reached $111 million, the highest quarterly performance since Q4 2015 [4] - Free cash flow improved, generating $77 million after $24.2 million in business investments, with an ending cash position of $506 million [5] Business Segment Data and Key Metrics Changes - Subsea Robotics (SSR) revenue and operating income were flat, with an EBITDA margin of 36%. ROV revenue per day increased to $11,254 from $10,576, despite a fleet utilization of 65% [5][6] - Manufactured Products operating income doubled to $24.7 million with a 16% operating income margin on a 9% revenue increase. Order intake was $208 million, with a backlog of $568 million [8] - Offshore Projects Group (OPG) operating income increased 17% to $23.7 million on a 16% revenue increase, maintaining a 14% operating income margin [9] - AdTech operating income rose 36% to $16.6 million, with a 27% revenue increase and a slight improvement in operating income margin to 13% [9] Market Data and Key Metrics Changes - The company maintained a 60% share of the contracted floating rig market, with ROV contracts on 78 of 131 floating rigs [6] - The company anticipates a decrease in revenue for OPG in Q4 2025 due to the absence of large-scale international projects [10] Company Strategy and Development Direction - The company plans to continue share repurchases in 2026, with approximately 5.8 million shares remaining under the existing repurchase authorization [13] - The focus is on growth opportunities in various markets, driven by long-term commodity prices and increasing demand for mobile robotics technologies [14] Management's Comments on Operating Environment and Future Outlook - Management expects revenue to decrease in Q4 2025, with consolidated EBITDA projected between $80 million and $90 million [10] - For 2026, the company initiated consolidated EBITDA guidance in the range of $390 to $440 million, anticipating significant growth in AdTech and stable activity levels across energy-focused businesses [12][13] Other Important Information - Alan Curtis, CFO, plans to retire on January 1, with Mike Sumrold introduced as the new Senior Vice President of Finance [15] Q&A Session Summary Question: Advantages of Ocean Intervention II for simultaneous autonomous survey operations - Management highlighted efficiency improvements, reduced fuel usage, and enhanced data quality through simultaneous operations [18][19] Question: Market outlook in Brazil and expected market share increase - Management expressed optimism about the robust market in Brazil, with significant opportunities and an expectation for increased market share [20][21][22] Question: Growth expectations for AdTech and competition for capital - Management noted low capital intensity in AdTech growth and alignment with existing energy business, indicating a strong future for the segment [23][24][25] Question: Revenue decline in manufactured products for Q4 - Management clarified that the focus is on quality of earnings rather than revenue decline, with a strong backlog expected to support future growth [32][34] Question: Cadence of AdTech growth in 2026 - Management indicated a ramp-up in revenue throughout 2026, driven by new large-scale projects [35][36]